California home sales fell for the sixth straight month on an annual basis in January, according to the California Association of Realtors.
Closed sales of existing, single-family homes in the Golden State stood at a seasonally adjusted annualized rate of 363,640 last month, flat from December but down 13.8 percent from January 2013.
The trade group attributed the decline to continued low inventory and eroding home affordability due to rising home prices. The median home price in California last month stood at $410,990, up 22.1 percent from the year before. January marks the 23rd straight month in which the median has increased year over year and the 19th straight month to see a double-digit jump.
There were some glimmers of hope for homebuyers in CAR’s report. While inventory remained low, the supply of existing, single-family homes rose to 4.3 months last month, up from three months in December and 3.5 months in January 2013. CAR considers a six- to seven-month supply typical in a “normal” market.
Homes also took a bit longer to sell last month. The median stood at 44.3 days in January, up from 40.2 days in December and a revised 36.7 days in January 2013, CAR said.